Once you make "six figures", you'll quickly learn you can have a comfortable life (aka you don't need to think about whether you can buy new stuff you just do if you desire to), but your no where close to being wealthy especially if you have a family. In fact you don't even come close to being wealthy until your making 250K + for at least 5 years (assuming you don't blow it all by buying a porsche and a fat house) .

How many people make over 100K? Depends on where you live. In most big cities alot.

For me it is a drive to get bigger and bigger. I remember at age25 I used to say "I am just going to work like crazy until I am 35,then kick back." Every goal I set and meet is followed up with abigger one. I have always associated with real bigproducers...now these are 5 mil plus guys/teams. They all havethis trait in common...to just keep growing regardless of the income itproduces. This means more than just getting new clients...it ishiring the right people around you...very much like running your ownfranchise. I think it is just fun to be creative with runningyour practice, and growing that practive is a big part ofit...maintaining it is just not good enough. I think this is also why Ilike Merrill Lynch. It affords you the tools and resources to goso far beyond running retirement portfolios for mom and dad. Great topic.

isnt their more to life than money?obviously money is a big part of it, but when you make enough to not even care about burning 1000 dollars, than why keep WANTING to make more of it?what else is their in life to do ? beside make money???

isnt their more to life than money?obviouslymoney is a big part of it, but when you make enough to not even careabout burning 1000 dollars, than why keep WANTING to make more of it?what else is their in life to do ? beside make money???

I said right in my post it is not about the money. At a point youmake enough to be comfortable and have the life you want, in fact youforget when pay day is. I work between 30 and 50 hours a weekprobably, and take more time off than I need to. I donate about 5hours a week to training the new reps in our region. Whatis nice is that I have worked to build things just how I wanted: a teamwith a few reps and a few assistants all specializing. I am asmuch of a business manager as I am a Portfolio Manager andplanner. I also just happen to really love this work, I find itnoble and rewarding, in fact it really is not work. Non-the-lessI am sensitive to working too much and do not fall into thistrap.

It is the drive to grow the business, add staff, add clients, be sovery unique that the clients and my firm cannot replace me. Itsnarcisistic but true...and very common.

isnt their more to life than money?obviously money is a big part of it, but when you make enough to not even care about burning 1000 dollars, than why keep WANTING to make more of it?what else is their in life to do ? beside make money???

That's the point-for most successful producers work IS FUN! Money is merely a scorecard that you use in a big game to see how you're doing!!

Here is what I am hearing... I can have a very comfy life at $200kproduction (Indy). And million dollar producers are trully makingtons of money. I love the idea of having others under me,especially with specialition. Keeo the input coming.

I have no desire to double my production. My goal is to earn as much as I can working around 30 hours a week managing discretionary tactical accounts. I get diminishing "happiness" returns on earning more money at this time in my life and I prefer to focus on my hobbies and kids. I am 13 in the biz.

Not only do I agree and have a practice like Malcolm but later in life you can sell your business or bring one of your children in. Or you can stay at Jones and have some snot nosed GP's nephew take over your hard work. Again your hard work not your biz! You might get a nice crystal vase after 30 years of their bull.

I got out late last summer and am on pace to do close to $200K this year, after doing about $350K in my previous life. The sad difference is, I'm also on pace to net about $130K, which is more than I was making at my previous employer when I was grossing $350K.

Sure there is less comraderie as an indy, which is why I suppose that I post on these forums, but overall, there is no question that I'm happier, less stressed, and already doing better financially. I didn't really anticipate the last part this soon, and it really wasn't a priority when I made my decision, but it sure is nice icing on the cake. No doubt my clients are also better off as they are sure enjoying the FDIC insured (to $1,000,000) cash account paying 4.75%, which is just the latest in a long line of significant improvements they are seeing.

You might have a good point. I have heard almost everyone who is Indy say "I wish I would have done it sooner"- never have I heard "I should have waited, I wasn't ready." In fact I know two guys who jumped out and are doing quite well. One NEVER sent out an announcement that he left, he just called folks he really wanted- the rest came by word of mouth.

Thanks Muny, but why "avoid partnerships"? This is a definatepossibility for me and would love to understand your thoughts. Sharing economies of scale sure would help keep expenses low. Howdid you structure yourself?

Thanks Muny, but why "avoid partnerships"? This is a definate possibility for me and would love to understand your thoughts. Sharing economies of scale sure would help keep expenses low. How did you structure yourself?

Partnerships strictly for expense-sharing are OK. What I would avoid is a partnership where you share the clients and/or fees/commissions...that's where the real problems can start. A 50/50 partnership where you split the rent, utilities, etc. down the middle should work OK...at least for awhile. If you share an assistant, have the assitant track time spent for each rep and allocate that expense based on hours. Get your own stuff as much as possible (supplies, office furniture, etc.) to avoid any hint of unfairness. Eventually, most partnerships fall apart because of perceived inequities. If that happens, pre-plan the divorce and agree on how you split things up before you aren't talking anymore...kind of like a pre-nup.

Indyone says it all- I am sole proprietor. Remember what Skeedaddy said, part of the reason he went back into captivity was a failed partnership that left him holding the "enchillada". If you DO get into partnership- make sure you can take the whole load if you need to.